Clean Power grows its hydrogen refueling network with PowerTap acquisitionMay 13, 2021
The remaining shares have now been purchased, turning the company into a sole shareholder.
Clean Power has become the sole PowerTap Hydrogen Fuelling Corporation shareholder, making it possible to expand its hydrogen refueling network.
Clean Power snatched up the remaining shares of PowerTap in order to accomplish this goal.
The primary purpose at PowerTap is to use its patented H2 production technology for building a blue hydrogen refueling network of stations across the United States. The goal is to be able to accommodate a rapid growth in demand due to H2-powered vehicle sales. This would make it possible for PowerTap to establish an extensive and yet cost-effective H2 fuelling infrastructure by way of its intellectual property, which is meant to keep the process clean, as well as its product design for modularized and lowest production cost tier for hydrogen.
The tech based H2 refueling stations are already in use at some public stations and private enterprises in four states: California, Maryland, Massachusetts, and Texas.
Clean Power first invested in PowerTap in 2020. At that time, it acquired 90 percent of the firm’s equity interest. Since that time, PowerTap has been further developing its network of hydrogen refueling stations. It has done so in stages that consist of engineering and design, ongoing PowerTap 3.0 development as well as permits and site prep.
PowerTap and Andretti Group signed a definitive agreement for the hydrogen refueling network tech.
That agreement brought the tech to select Andretti Group properties. Under that agreement’s terms, the Andretti Group will assist in further marketing PowerTap’s technology to major oil companies, third-party chain retailers, and independent stations. To do that, it will use its deep network of connections throughout the automotive industry.
“Clean Power Capital is pleased to complete the acquisition of all the shares of PowerTap Hydrogen Fueling Corp.,” said Clean Power Capital CEO Raghu Kilambi when discussing the acquisition of the PowerTap shares and the positive impact it is expected to have on the hydrogen refueling network. “Clean Power Capital continues to be excited by the commercialisation opportunities that PowerTap’s patented onsite blue hydrogen production and dispensing system has in the United States and globally.”